The IoT managed services sector was valued at US$ 30.2 billion in 2018 and is projected to expand at a compound annual growth rate (CAGR) of 18.5%, reaching US$ 135.0 billion by 2027.
In recent years, the IoT managed services market has experienced significant growth, primarily driven by the increasing prevalence of connected devices. Additionally, government initiatives such as the development of smart cities, connected airports, and metro systems have positively influenced the expansion of the global IoT managed services market. Notably, the Asia-Pacific region, particularly developing nations like China and India, presents a highly attractive landscape for IoT managed services. The substantial investments made by these governments in enhancing telecommunication infrastructure are crucial factors propelling the growth of IoT managed services in this area.
To enhance their offerings, IoT managed service providers are increasingly implementing multi-cloud strategies. Many IoT applications necessitate on-premise hosting due to considerations related to performance, security, and reliability. Furthermore, IoT solutions deployed across various regions may require the use of different public cloud providers. For example, IoT solutions operating in Europe, North America, and Asia may need to partner with local cloud providers to comply with data privacy regulations. Adopting a multi-cloud approach allows managed service providers to respond more effectively to customer needs and regional requirements.
The IoT managed services market can be categorized by service types, which include Device Management Services, Data Management Services, Network Management Services, and Security Management Services. Among these, Security Management Services are anticipated to experience significant year-on-year growth during the forecast period, largely due to the rising incidence of cybersecurity threats.
The overall size of the IoT managed services market has been determined through a combination of primary and secondary research methods. The research process commences with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative insights related to the IoT managed services market. Additionally, numerous primary interviews are conducted with industry stakeholders and experts to validate the data and analysis. Participants in this process typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the information and communication technology (ICT) sector.
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